Molecular Templates slides on $76 mln equity offering

Molecular Templates

18/02/2021 13:29

** Molecular Templates Inc  MTEM.O  shares down ~10%
premarket as cancer drug developer raises equity
    ** MTEM sells 6 mln shares at $12.65, raises ~$75.9 mln
 urn:newsml:reuters.com:*:nGNX5xcX21
    ** Offering prices at 7.1% discount to stock's Weds close
    ** Co to use net proceeds to help fund clinical studies for
its engineered toxin bodies (ETBs) platform, pay its share of
development expenses in a collaboration with Japan's Takeda
Pharmaceutical  4502.T 
    ** BofA, Cowen, Evercore and Barclays jt bookrunners
    ** Last Thurs, MTEM's shares jumped to as high as $15.19
before closing session up ~9% after co announced collaboration
with Bristol-Myers Squibb  BMY.O  to discover and develop new
cancer therapies  urn:newsml:reuters.com:*:nL4N2KH270
    ** MTEM shares have risen 45% YTD and have ~$681 mln market
cap, per Refinitiv data

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))